What Will Happen To All Your Assets If You Die Without A Will In Singapore?

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This post is useful for you if you ever wonder what happens to your properties, bank accounts, jewelry, stocks and other assets if you die without a Will.

If someone dies without writing their last Will, the Intestacy laws will decide on who manages the estate, who becomes the guardian of the children and who gets what and at what percentage. It is therefore a good decision to engage a professional Will writing service in Singapore to express your wishes via a Will.

How Are Assets Distributed After Death If There Is No Will?

If someone has a Will when they pass away, then the appointments of executors/trustees and guardians, and the distribution of assets would follow the wishes as indicated in their Will.

If a person dies without a Will, then the Intestacy laws will decide on who to manage the estate, how the estate would be distributed and who to look after the children etc.

A person may have written a Will by themselves and it may not comply with the legal formalities. This would then involve the court to make the relevant decisions and decide on the appointments and distributions.

NobleWills – an expert online Will writing company in Singapore, can guide you through the process of writing a legally binding Will.

What Will Happen To My Assets If There Is No Will?

  1. All your assets will be frozen: Once the banks and institutions are informed of your passing, they will immediately freeze your assets. Your family will then not be able to withdraw cash from the bank or sell your properties or manage your stocks etc.
  1. To unfreeze the assets, your next-of-kin will need to apply for a Letter of Administration: To unfreeze and gain control of your assets, your next-of-kin will need to apply to the court as a personal administrator and obtain a document known as a Letter of Administration. Before that, nobody, including your family members can have access to your assets (unless they are jointly owned).  With a Will, and having already nominated an executor in the Will, your executor can gain control to some of your assets immediately after your passing and ensure that everything is in place.

    The following are a list of relationships that can apply for the Letter of Administration:

  • Spouse
  • Children
  • Parents
  • Brothers and sisters
  • Nephews and nieces
  • Grandparents
  • Uncles and aunts
  1. The next-of-kin will use the assets to pay off debts: The personal administrator will then need to gather an accurate list of assets and consider all of your debts, and then pay off your personal debts, outstanding taxes and loans, including all bank loans, credit cards, utilities, and subscriptions etc.
  1. The assets will be distributed according to the Intestacy Laws: If you pass away without a Will in Singapore, then the distribution of your estate must be done according to the Intestacy Laws. This does not mean that your spouse would receive 100% of your estate, and if there are family members who are financially dependent on you, they may also receive nothing.
With a Will, your family members would be able to go through the process smoothly without complexities. It would also help you save up future legal costs so your family can receive the most out of your estate.
Location: 489 Hennessy Rd, Causeway Bay, Hong Kong

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